In an unusual reversal, the Ontario Securities Commission has rescinded an order to top officials from beleaguered timber firm Sino-Forest to resign amid continued allegations the company misrepresented assets. The commission had put a 15-day freeze on trading in Sino-Forest shares as part of the move, which prompted Standard & Poor’s to downgrade the company’s stock. Sino-Forest shares first tumbled in June after a short seller’s report accused the firm of being little more than a Ponzi scheme. The OSC did not explain why they had reversed their position.
Securities commission backtracks on Sino-Forest ruling
OSC had ordered company execs to resign
FILED UNDER: sino-forest